ProFile release 2020.0.0
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.0.0. This is the first release of ProFile T1 and FX for the 2020 taxation year. Forms for the 2020 taxation year are not released by CRA at this time. In-product forms include a “DRAFT” watermark indicating that the form is not approved for use. Note: we recommend that discounters in provinces that provide refundable tax credits do not use this release to begin entering data for their clients. T1/TP1 highlights include: - 2019-20 ProFile to ProFile carry forward preview - 2019-20 Taxprep to ProFile carry forward preview - 2019-20 Cantax to ProFile carry forward preview - 2019-20 DT Max to ProFile carry forward preview T2/CO-17 highlights include: - Taxprep to ProFile carry forward FX/Q highlights include: - 2020 FX module2019-20 ProFile to ProFile carry forward |
| T1/TP1 | 2019-20 ProFile to ProFile carry forward preview This early version of the ProFile T1 module carries forward information from 2019 ProFile returns to create new 2020 ProFile returns, for preview purposes only. To carry forward a single 2019 tax return, right-click the file and select the option Carry forward. 2019-2020 Taxprep to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2019 Taxprep T1 returns to create new 2020 ProFile returns, for preview purposes only. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2019 Taxprep T1 (*.119)” or drag-and-drop a Taxprep file (*.119) into a ProFile T1 file. Supported Taxprep versions include 2019.v1.0, 2019.v2.0, 2019.v3.0, 2019.v4.0, 2019.v4.1, and 2019.v5.0. 2019-20 Cantax to ProFile carry forward preview This version of the ProFile T1 a module carries forward information from 2019 Cantax T1 returns to create new 2020 ProFile returns, for preview purposes only. To carry forward a Taxprep T1 file, select the option Carry forward from the File menu. Set Files of type as “2019 Cantax T1 (*. P19)” or drag-and-drop a Cantax (*. P19) file into a ProFile T1 file. Cantax versions are supported up to 19.5.303.122. 2019-20 DT Max to ProFile carry forward preview This version of the ProFile T1 module carries forward information from 2019 DT Max T1 returns to create new 2020 ProFile returns, for preview purposes only. DT Max versions are supported up to 2019.23.21. |
| T2/CO-17 | Taxprep to ProFile carry forward ProFile T2 now carries forward information from 2019 files created with Taxprep T2 returns. Supported Taxprep versions include 2019v2.3 and 2020v1.0. Federal Schedule 58 - Canadian Journalism Labour Tax Credit (New!) This is a new Federal schedule available to qualifying journalism organizations (QJO) to claim a 25% refundable tax credit for qualified labour expenditures beginning January 1, 2019. The credit is also allocated to members of a partnership that is a QJO. |
| FX/Q | New 2020 FX Module The new 2020 FX module is now available.Note that the Quebec slip filing in 2020 FX is disabled. Those wishing to file 2020 slips now should use the previous module and manually override the year to “2020”. Slip filing in the 2020 module will be enabled in a future release once the 2020 slips have been updated. 2019-20 ProFile to ProFile carry forward ProFile 2020 FX carries forward information from 2019 files created with ProFile 2019 FX. QuebecRL1Sum - Summary of Source Deductions and Company Contributions Eligible employers can claim the COVID-19 credit for contributions to the health services fund for the 2020 year. On line 31, select “19” to claim this credit, or “00” to claim this credit in addition to a different exemption. Additional Minor Form Updates - GST20 - GST145 - GST146 - T1240 |
| Coming soon! | - 2019-20 TurboTax to ProFile carry forward (T1) - 2020 form update (T2) |
ProFile release 2020.1.0
What’s new for ProFile release 2020.1.0
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.1.0. T1 highlights include: - 2019 to 2020 TaxCycle carry forward to ProFile - 2019 to 2020 TurboTax Desktop carry forward to ProFile T2 highlights include: - new 2018-2021 module now available - new 2018-2021 module now available - T2 Paper and Internet filing certified for Federal corporate tax returns - T1 Paper and Internet filing certified for Alberta corporate returns - Auto-Fill My Return (AFR) certified for new expanded list of data import - new schedules added (S349, S350, and S444) - Taxprep carry forward to ProFile (2020 files) supported versions now includes 2020v1.1 - Cantax carry forward to ProFile (2020 files) supported versions now includes 19.1.307.100, 19.2.307.106, and 20.1.307.104 - TaxCycle carry forward to ProFile (2020 files) - DTMax carry forward to ProFile (2020 files) Systems highlights include: - file access in ProFile now limited to previous 12 years only - Link feature available for 2020 T1 - Hub enabled for 2020 T2 - branding changes to ProFile desktop icons and images on multiple screens |
| General | - new icons for the ProFile application and desktop shortcuts, as well as various updated screens and images in ProFile - file access is now limited to the previous 12 years only; ProFile no longer supports work on pre-2008 files or returns. Click here for more details. |
| T1/TP1 | Carry forward - T1 module can carry forward information from 2019 TurboTax T1 returns to create new 2020 ProFile returns (preview purposes only) - TaxCycle to ProFile carry forward from 2019 to 2020 ProFile returns |
| T2/CO-17 | T2 Certifications T2 is certified for Federal and Alberta corporate tax returns and allows preparation of returns for corporations with fiscal year ending on or before May 31st, 2021. Auto-Fill My Return (AFR) Capital Loss Balance is added to T2 Returns Balance Data Choice and available for download from CRA’s database. Display of T2 return and schedule information is extended to include the most current assessed year plus six previously-assessed years available on file. Federal T2 Corporation Income Tax Return The form is updated to remove the eliminated Part II - Tobacco Manufacturers’ surtax (Line 249) and add line 272 for Canadian journalism labour tax credit. Line 956 and 959 are now accepting maximum 15 digits for international telephone numbers. Schedule 5 - Tax Calculation Supplementary – Corporations The form is updated with the following new lines: - Ontario regional opportunities investment tax credit on line 472 - British Columbia small business venture capital tax credit, credit transferred on an amalgamation on line 883. The following obsolete lines have been removed from the 2020 module: - New Brunswick, lines 575 and 894 - Ontario, line 464 - Manitoba, line 603 - Saskatchewan, line 630 S8Class - CCA Details The Government proposes to provide a temporary enhanced first-year capital cost allowance (CCA) rate of 100% for eligible zero-emission automotive equipment and vehicles that currently do not benefit from the accelerated rate provided by classes 54 and 55 . These vehicles and equipment would be included in new class 56. Schedule 17 - Credit Union Deductions Sections related to prior 2018 are removed. Schedule 31 - Investment Tax Credit - Corporations The form is updated to remove obsolete lines and parts. Qualified expenditures - Part 8, line 360, capital expenditures incurred before 2014 - Part 11, line 440, capital expenditures (line 360 in Part 8) or amount e, whichever is less - Part 11 lines that reference the period before January 1st, 2018 - Part 15 lines BB2 to FF2 (these fields are dependent on the removed fields in Part 11) Pre-production mining expenditures Taxpayers can no longer claim ITC for the pre-production mining expenditures. Only used credits that have not expired can be carried forward for up to 20 years following the tax year in which the taxpayer made the investment. - Former Part 18, pre-production mining expenditures - Former Part 19, lines related to pre-production mining expenditures calculation are removed - Former Part 20, request for carryback of credit from pre-production mining expenditures S32Assist - Government Assistance The obsolete section for the capital expenditure is now removed. Schedule 50 - Shareholder Information This form is updated to support partnership account numbers on line 200. Schedule 72 - Income Inclusion for Corporations that are Members of Multi-Tier Partnerships The form is updated to remove sections related to transitional rule on the transitional income and reserve. Schedule 307 (S5NL) - Newfoundland and Labrador Corporation Tax Calculation This form is updated to reflect the tax years supported in the 2020 module. The part that references the period before January 1st, 2016 is removed. Schedule 322 (S5PE) - Prince Edward Island Corporation Tax Calculation This form is updated to reflect the decrease in the lower rate from 3% to 2% effective January 1st, 2021. Schedule 341 - Nova Scotia Corporate Tax Reduction for New Small Businesses A new section is added to account for the rate change from 3% to 2.5% effective April 1st, 2020 (NS Bill 243). Schedule 349 - Nova Scotia Innovation Equity Tax Credit (New!) This form is added in ProFile to reflect the new non-refundable Nova Scotia innovation equity tax credit. You can claim a 15% non-refundable tax credit if: - you are an eligible investor that is a corporation - you have received a tax credit certificate from the Minister of Finance and Treasury Board of Nova Scotia Schedule 350 - Nova Scotia Venture Capital Tax Credit (New!) This form is added in ProFile to reflect the new non-refundable Nova Scotia Venture Capital tax credit You can claim a 15% non-refundable tax credit if: - you are an eligible investor that is a corporation - you have received a tax credit certificate from the Minister of Finance and Treasury Board of Nova Scotia Schedule 346 (S5NS) - Nova Scotia Corporation Tax Calculation The form is updated to reflect the decrease in: - the lower rate from 3% to 2.5%, effective April 1st, 2020 - the higher rate from 16% to 14%, effective April 1st, 2020 Schedule 366 (S5NB) - New Brunswick Corporation Tax Calculation The form is updated to reflect the tax years supported in the 2020 module. Part 2 line that references the period before January 1st, 2018 is removed. Schedule 380 - Manitoba Research and Development Tax Credit This form is updated to reflect the tax years supported in the 2020 module. Parts that reference the periods before April 12th, 2017 have been removed. Schedule 381 - Manitoba Manufacturing Investment Tax Credit The tax credit rate at 10% and the refundable portion of the earned tax credit at 80% applicable to tax periods before April 12th, 2017 are now removed. Schedule 402 - Saskatchewan Manufacturing and Processing Investment Tax Credit This form is updated to reflect the expiration of the carry forward credit, which is not possible for the tax year after 2017. Schedule 404 - Saskatchewan Manufacturing and Processing Profits Tax Reduction This form is updated to reflect the tax years supported in the 2020 module. The part that references the period before January 1st, 2018 is removed. Schedule 411 (S5SK) - Saskatchewan Corporation Tax Calculation This form is updated to reflect the tax years supported in the 2020 module. The part that references the period before January 1st, 2018 is removed. S427 (S5BC) - British Columbia Corporation Tax Calculation This form is updated to reflect the tax years supported in the 2020 module. The parts that reference the periods before April 1st, 2017 and January 1st, 2018 have been removed. Schedule 430 - British Columbia Shipbuilding and Ship Repair Industry Tax Credit This form is updated to remove obsolete lines in Part 1 and Part 3, since an eligible employer cannot claim both the British Columbia shipbuilding and ship repair industry tax credit (Schedule 430) and the British Columbia training tax credit (Schedule 428). Schedule 440 - Yukon Manufacturing and Processing Profits Tax Credit This form is updated to reflect the tax years supported in the 2020 module. The parts that reference the periods before 2017 have been removed. Schedule 443 (S5YT) - Yukon Corporation Tax Calculation This form is updated to reflect the tax years supported in the 2020 module. The part that references the period before January 1st, 2018 is removed. Schedule 444 - Yukon Business Carbon Price Rebate (New!) The Yukon business carbon price rebate is a refundable tax credit applicable to an eligible Yukon business taxpayer who files an income tax return for a tax year ending after July 1st, 2019 You can claim the Yukon business carbon price rebate under section 16 of the Yukon Income Tax Act, if: - you are a corporation that is an eligible Yukon business taxpayer, and - you used an eligible Yukon asset in the tax year, principally in carrying on an eligible Yukon business Schedule 500 (S5ON) - Ontario Corporation Tax Calculation This form is updated to reflect the tax years supported in the 2020 module. The parts that reference the periods before 2017 have been removed. Schedule 502 - Ontario Tax Credit for Manufacturing and Processing The schedule is re-designed to include the following lines and parts that were previously on Schedule 504: - Part 1, Amount 1C, notional resource allowance for the tax year determined in subsection 7(3) of Ontario Regulation 37/09 under the Taxation Act, 2007 (Ontario) - Part 1, Amount 1A, adjusted Crown royalties for the tax year - Part 5, adjusted Crown royalties for the tax year Part 2 is updated to reflect the tax years supported in the 2020 module. The section that references the period before January 1st, 2018 is removed. Schedule 504 - Ontario Resource Tax Credit The schedule is re-designed. The following lines/part have been removed from Schedule 504 and inserted in Schedule 502: - Former Part 1, Line 105, notional resource allowance for the tax year determined in subsection 7(3) of Ontario Regulation 37/09 under the Taxation Act, 2007 (Ontario) - Former Part 1, Line 100, adjusted Crown royalties for the tax year - Part 5, adjusted Crown royalties for the tax year The follow line is removed: - Former Part 3, Line 125, credit expired (after the first five years beginning after April 23rd, 2015) Schedule 558 - Ontario Production Services Tax Credit This form is updated to reflect the tax years supported in the 2020 module. The parts that reference the periods before 2015 have been removed. T183 - Information Return for Corporations Filing Electronically This form is updated to reflect the tax years supported in the 2020 module. The parts that reference Line 708 are removed for tax years starting after March 22nd, 2017. T661 (S32) - Scientific Research and Experimental Development (SR&ED) Expenditures Claim Overhead and other expenditures in the tax year (Line 758) is now added in Part 6 - Project Costs. The obsolete sections for the lease costs for equipment before 2014 and capital expenditures sections are removed. T1145 (S61) - Agreement to Allocate Assistance for SR&ED Between Persons Not Dealing at Arm’s Length The form is updated to remove the breakdown of the allocated assistance for capital expenditures incurred before 2014. Lines 015 and 020 are removed in this regard. T1146 (S62) - Agreement to Transfer Qualified Expenditures Incurred in Respect of SR&ED Contracts Between Persons Not Dealing at Arm’s Length This form is updated to reflect the latest change on this form. The breakdown of the transferred amount not required in this latest module. T2054 - Election for a Capital Dividend Under Subsection 83(2) The form is updated to remove the tax services office option. For all provinces and territories, a copy of T2054 election should be mailed to Prince Edward Island Tax Centre. Alberta AT1 - Alberta Corporate Income Tax Return The form is updated to include calculations for basic Alberta tax payable for the period after June 30th, 2020. The general corporate tax rate is 8% for this period. AT1 Schedule 1 - Alberta Small Business Deduction The AT1 Schedule is updated to include calculation for Alberta small business deduction (SBD) for the period after June 30th 2020. The SBD rate for this period is 6%. AT1 Schedule 9 - Alberta Scientific Research & Experimental Development (SR&ED) Tax Credit The form is updated to reflect the amended section 26.6 of Alberta Corporate Tax Act. The eligible expenditures are expenditures included in federal expenditures of the corporation that are in respect of SR&ED must be carried out in Alberta before January 1st, 2020. Additional minor form updates - S1 - S2 - S3 - S6 - S12 - S16 - S18 - S21 - S23 - S25 - S27 - S39 - S49 - S53 - S54 - S55 - S58 - S71 - S73 - S88 - S89 - S125 - S384 - S387 - S388 - S394 - S423 - S461 (S5NT) - S428 - S442 - S481 (S5NU) - S560 - T1044 - T1135 - T1196 (S422) Form removals - S562 |
| Systems | Link is now available for 2020 T1 moduleHub is enabled for 2020 T2 modulecustomers with a ProFile20 license can create T1 2020 clients from the File menu |
| Coming soon! | 2020 T3 module |
ProFile release 2020.1.1
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.1.1. Highlights include: - Backup to Cloud functionality restored |
| Coming Soon! | 2020 T3 module |
ProFile release 2020.2.0
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.2.0. T1/TP1 highlights include: - first version paper filing release for 2020 - batch carry forward available T3/TP-646 highlights include: - first version paper filing release for 2020 - paper certified trust income tax return -paper certified slip and summary FX/Q highlights include: - updated federal slips and XML filing Systems highlights include: - ability to add more than six licenses on the license management screen |
| T1/TP1 | New Forms T185 - Electronic Filing of a Pre-Authorized Debit Agreement This new form is to be completed and signed by taxpayers who wish to electronically file a pre-authorized request for the Canada Revenue Agency to withdraw a one-time payment for their Income Tax and Benefit Return. The electronic filer must retain a signed copy of this form for their records before filing the pre-authorized debit request. The T185 populates from information that is entered on form T1PAD, Pre-Authorized Debits. Updated Forms - Federal Slips T4 Slip The T4 slip contains new codes relating to the employment income in Box 14. However, these new codes are for information purposes only. These codes are not required to be reported on the T1 return: - Code 57: Employment income – March 15 to May 9 - Code 58: Employment income – May 10 to July 4 - Code 59: Employment income – July 5 to August 29 - Code 60: Employment income – August 30 to September 26 T4A Slip For the tax year 2020, the T4A slip contains new input boxes to report COVID-19 related benefits, which are included at Line 13000: - Box 197, Canada Emergency Response Benefit (CERB) - Box 198, Canada Emergency Student Benefit (CESB) - Box 199, Canada Emergency Student Benefit (CESB) for eligible students with disabilities or those with children or other dependents - Box 200, Provincial/Territorial COVID-19 financial assistance payments - Box 202, Canada Recovery Benefit (CRB) - Box 203, Canada Recovery Sickness Benefit (CRSB) - Box 204, Canada Recovery Caregiving Benefit (CRCB) For taxpayers who are Status Indians, boxes 197, 200, 202, 203 and 204 may be tax-exempt, and should be reported on the form T90. Box 202 Canada Recovery Benefit (CRB) is included in the calculation of the social benefits repayment at Line 23500. T1 Income Tax and Benefit Return The order of the form has been modified so that the federal tax brackets now appear before the section for non-refundable credits. Changes to Non-refundable Credits Basic Personal Amount, line 30000 The basic personal amount for 2020 is a calculated amount based on net income (including split income). The maximum basic personal amount is increased from $12,298 to $13,229 for individuals with a net income of $150,473 or less. The increase is gradually reduced for individuals with net income between $150,473 and $214,368. Digital news subscription tax credit, line 31350 (New!) The digital news subscription tax credit is a non-refundable tax credit for amounts paid to a qualified Canadian journalism organization (QCJO) that is primarily engaged in the production of original written news content. The maximum amount of qualifying subscription expenses that can be claimed in the year is $500. New Refundable Tax Credits Canada Training Credit (CTC), line 45350 Individuals who are aged 26 to 65 and resident throughout the year may be able to claim this refundable tax credit for eligible tuition and other fees paid for courses taken in 2020. The credit is the lesser of the individual’s Canada training credit limit for the taxation year, and 50% of the eligible tuition and fees paid to an eligible educational institution.To claim this credit, enter the eligible tuition fees on T2202 and complete Schedule 11. Canadian journalism labour tax credit, line 47555 The Canadian journalism labour tax credit is a refundable tax credit that is available at a rate of 25% of the total qualifying labour expenditurefor a taxation year, in respect of an eligible newsroom employee of a qualifying journalism organization, less any amount received from the Aid to Publishers component of the Canada Periodical Fund (Aid to Publishers) in the year. The amount of this credit is entered from box 236 of the T5013 slip. Schedule 5 The spouse or common-law partner amount (line 30300) and the amount for an eligible dependant (line 30400) have been increased from $12,298 to $13,229 for taxpayers with net income of $150,473 or less. Similar to the basic personal amount, the increase is gradually reduced for individuals with net income between $150,473 and $214,368. Schedule 11 Canada training credit (CTC) (New!) The CTC will be calculated for individuals who are aged 26 to 65, who are residents of Canada throughout 2020. On Schedule 11, enter the taxpayer’s Canada training credit limit from the taxpayer’s 2019 notice of assessment. The credit will be calculated as the lesser of 50% of the eligible tuition fees from T2202 and the training credit limit. For 2020, the maximum training credit limit is $250 Updated Forms - Provincial Forms Provincial 428 Forms The order of the form has been modified so that the provincial tax brackets now appear before the section for non-refundable credits. MB479 Seniors Economic Recovery Tax Credit, line 61271 and 61272 (New!) Taxpayers would have already received a $200 advance payment of this credit by mail in May or June 2020, if they were at least 63 years old in 2018, resident of Manitoba and filed a 2018 income tax return. Manitoba residents aged 65 or older in 2020, who did not receive an advance payment, can claim the $200 credit at line 61271 of their 2020 income tax return. The taxpayer can claim the spouse’s credit at line 61272 if they have a qualifying spouse who did not receive the advance payment. |
| T3/TP-646 | Most-relevant Rates Published The most-relevant rates published by CRA are implemented in this release of T3/TP646 module. |
| FX/Q | Federal Slips Updated T4 For the tax year 2020, in addition to reporting employment income in Box 14 or Code 71, use new other information codes for the following COVID-19 pay periods: - Code 57: Employment income – March 15 to May 9 - Code 58: Employment income – May 10 to July 4 - Code 59: Employment income – July 5 to August 29 - Code 60: Employment income – August 30 to September 26 Minor slip updates - T4A - T4ARCA - T4ANR - T4PS - T5 - T2002 - T5008 - T737RCA - NR4 - T5018 Federal Forms Updated T661 Overhead and other expenditures in the tax year (Line 758) is now added in Part 6 - Project Costs. The obsolete sections for the lease costs for equipment before 2014 and capital expenditures sections are removed. British Columbia Forms Updated FIN146 FIN146 now replaces FIN571. Additional Minor Form Updates - GST44 - GST60 - GST66 -GST504 -GST507 -T4Auto (RC18) -T1145 -T1146 -T2060 -RC7066 -TL11A Blocked Filing T5013 filing is blocked from filing, it will be available in a future ProFile release. |
| Systems | Users can now add more than six licenses on the license management screen with the new capacity to scroll |
| Coming soon! | RL Quebec slip update |
ProFile release 2020.2.5
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.2.5. T1/TP1 highlights include: - 2020 T1 form updates - 2020 TP1 form updates - T2200S (New!) T3/TP-646 highlights include: - Federal T3, NR4 XML filing - RL16 XML filing - 2020 form updates FX/Q highlights include: - updated Quebec RL slip paper and web service filing -updated Federal and Quebec Forms -T2200S (New!) |
| T1/TP1 | New Forms T2200S - Declaration of Conditions of Employment for Working at Home Due to COVID-19 This new form should be completed and signed by employers to allow their employees who worked from their home in 2020 due to COVID-19 to use the detailed method in calculating their home office expenses (work-space-in-the-home and supplies). The employee does not need to attach this form to their return, but they must keep it in case the Canada Revenue Agency asks to review it at a later time. If an employee is required to pay for expenses other than home office expenses, do not use this form. Instead, complete T2200, Declaration of Conditions of Employment. |
| T3/TP-646 | Most-relevant rates published The most-relevant rates published by CRA are implemented in this release of T3/TP-646 module. T3Slip and NR4 slip XML filing - T3 and NR4 slip XML filing release T3RET XML filing ProFile will assess the electronic filing (EFILE) restriction of a trust return and display whether it is eligible for XML filing on the T3EFILE worksheet. To EFILE the trust return, select the Transmit T3 return… option under the EFILE drop-down menu in the top toolbar. Note that T3RET and T3 slips XML filings require two separate transmissions via ProFile. |
| FX/Q | New Form T2200S - Declaration of Conditions of Employment for Working at Home Due to COVID-19 This new form should be completed and signed by employers to allow their employees, who worked from their home in 2020 due to COVID-19, to use the detailed method to calculate their home office expenses (work-space-in-the-home and supplies). The employee does not need to attach this form to their return, but they must keep it in case the Canada Revenue Agency asks to see it later. If an employee is required to pay for expenses other than home office expenses, do not use this form. Instead, complete T2200, Declaration of Conditions of Employment. Updated Quebec RL Slip Web Service Filing The Quebec RL Slip Web Service Filing is updated for 2020 and 2021 tax years. Quebec Form LE-39.0.2 – Calculation of the contribution related to labour standards The form has a re-designed section for the remuneration paid for the year. There are now separate lines to report remuneration related to: - employment income - Indian employees - retiring allowances - employee benefit plans, profit-sharing plans and employee trusts - directors' fee - shares issued by the Fonds de solidarité FTQ or by Fondaction - member of a commission or committee established under a Québec statute - Québec employees temporarily posted outside Canada Updated Federal Forms - GST524 - GST525 - T3RI - TD1 - TD1X - TD1AB - TD1BC - TD1MB - TD1NB - TD1NL - TD1NS - TD1NT - TD1NU - TD1ON - TD1PE - TD1SK - TD1YT Updated British Columbia Forms - FIN542P - FIN542S Updated Quebec Slips and Forms - RL1 - RLZ-1.S (RL1Sum) - RL2 - RL3 - RL8 - RL15 - RL24 - RL25 - RL31 - TP1015.3 |
| Coming soon! | T1/TP1 - T1 Barcode and T1 condensed - TP1 authorized paper filing - 2020 T1 EFILE - 2020 T1013 EFILE and barcode - 2020 T1135 EFILE - 2020 TP1 NETFILE - 2020 AFR (Auto-fill My Return) EFILE - T1PAD (pre-authorized debit) EFILE - RC59 EFILE for T1 - T777S (New!) T2 - CO17 paper and Internet filing T3/TP646 - 2020 TP646 authorized filing FX/Q - T5013/TP600 paper filing and EFILE |
ProFile release 2020.2.7
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.2.7. Highlights include: various product improvements |
| Coming Soon! | T1/TP1 - T1 Barcode and T1 condensed - TP1 authorized paper filing - 2020 T1 EFILE - 2020 T1013 EFILE and barcode - 2020 T1135 EFILE - 2020 TP1 NETFILE - 2020 AFR (Auto-fill My Return) EFILE - T1PAD (pre-authorized debit) EFILE - RC59 EFILE for T1 - T777S (New!) T2 - CO17 paper and Internet filing T3/TP646 - 2020 TP646 authorized filing FX/Q - T5013/TP600 paper filing and EFILE |
ProFile release 2020.3.0
| Module | Content |
| Introduction | Download the latest release of the ProFile suite, version 2020.3.0. T1/TP1 highlights include: - 2020 T1 form updates - 2020 TP1 form updates - Updated Auto-fill my Return (AFR) and Express Notice of Assessment (ENOA) supporting 2017, 2018, 2019, and 2020 tax years - T1 EFILE for 2017, 2018, 2019, and 2020 tax years - T1135 EFILE for 2017, 2018, 2019, and 2020 tax years - T1ReFILE for 2017, 2018, 2019, and 2020 tax years - T1 Barcode and KFS - T1PAD EFILE (Pre-Authorized Debit) - TP1 NETFILE for 2017, 2018, 2019, and 2020 tax years - TP1 paper and barcode - T777S (New!) - TP59S, TP1029.AN.A, TP752.PC (New!) T2 highlights include: -Québec CO-17 - Corporation Income Tax Return updated for 2020 filing -T1134 EFILE for 2021 version (New!) -Various new CO-17 schedules (New!) T3/TP-646 highlights include: - TP646 paper authorization - T3MJ paper filing - 2020 form updates FX/Q highlights include: - T3010 is certified for the 2020 version paper filing - T5013 is certified for paper and XML filing - T5013 Schedule 58 (New!) - TP600 is certified for (2020-10 version) paper filing - TP985.22’s existing (2019-10) version continues to apply for 2020 tax year paper filing - TP518 is certified for (2020-09 version) paper filing (New!) - TP529 is certified for (2020-09 version) paper filing (New!) - TP614 is certified for (2020-10 version) paper filing (New!) |
| T1/TP1 | New Forms Federal T777S - Statement of Employment Expenses for Working at Home Due to COVID-19 This new form should be completed to claim employment expenses for working at home due to COVID-19. The claim is calculated using one of the following methods: Option 1: New temporary flat rate method The new temporary flat rate method can be used if the individual worked more than 50% of the time from home for a period of at least four consecutive weeks in 2020 due to the COVID-19 pandemic. The claim is equal to $2 for each day the individual worked from home during that period plus any additional days worked at home in 2020 due to the COVID-19 pandemic. The maximum claim is $400 (200 working days) per individual. Option 2: Detailed method Individuals who have obtained a signed T2200S from their employer and worked more than 50% of the time from home for a period of at least one month in 2020, can elect to use the detailed method. Note that the individual must have supporting receipts to claim these expenses, and the expenses cannot be claimed if they were or will be reimbursed by the employer. Quebec TP-59S - Expenses Related to Working Remotely Because of the COVID-19 Pandemic (equivalent of federal T777S) For Quebec filers who completed a federal T777S, the equivalent claim for TP-1 will be transferred to a form TP-59S. Similar to the federal claim, individuals may choose to use the temporary fixed rate method (no employer attestation or supporting documents required) or the detailed method. If the detailed method is chosen, individuals must obtain a signed TP-64.3 from their employer and maintain supporting receipts for their expenses. TP-1029.AN.A - Certificate of Ongoing Assistance (caregiver having no family relationship with the care receiver) This form must be completed for individuals claiming the tax credit for caregivers, where the individual has been designated to provide ongoing assistance to a care recipient with which they do not have a family relationship. Parts 1 and 2 of the form are completed by the eligible caregiver, and parts 3 and 4 are completed by an eligible health professional. This certificate must be renewed no later than three years after the date of the initial tax credit for caregiver’s application and every three years thereafter. TP-752.PC - Tax Credit for Career Extension This new form should be completed for individuals aged 60 or older who are claiming the non-refundable tax credit for career extension. The maximum credit is $1,500 for individuals aged 60 to 64, and $1,650 for individuals aged 65 and over. The credit is reduced when the individual’s work income exceeds $35,205. Updated Forms TP-1H - Tax Credit for Caregivers The form has been redesigned into two parts: - For caregivers providing care to a person aged 18 or over who has a severe and prolonged impairment in mental or physical functions and needs assistance in carrying out a basic activity of daily living; and - For caregivers providing care to and living with a person aged 70 or over. Note: A person aged 18 years or older with a severe and prolonged impairment in mental or physical functions can include someone with whom the individual has no family relationship, if a professional from the health and social services network certifies that the individual provides ongoing assistance to this person so that they can carry out a basic activity of daily living. Removed Forms - TP-1029.RV - TP-1029.RV-S |
| T2 | Federal Schedules T1134(21) and T1134Supp(21) - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates (New form!) Due to legislative changes, the Canada Revenue Agency has introduced a new 2021 version of the T1134 form applicable for taxation years beginning in 2021 or later. To reduce the duplication of information, reporting entities that are members of a related group that share the same taxation year end may now file one T1134 return (summary and supplements) on behalf of the group. On the T1134 Summary Form, T1134(21), a new question is added: “Is this T1134 Summary filed for one reporting entity or a group of reporting entities that are related to each other?” - If the chosen filing method is “one reporting entity”, then proceed to Section 3, Table B - If the chosen filing method is “a group of reporting entities that are related to each other” then complete Section 3, Table A As an additional measure to reduce entering duplicate information, the T1134 Supplement form, T1134Supp(21), includes drop-down menus to select names and account numbers. This eliminates the need to enter the same information previously entered on the T1134 Summary form. The filing due date is no later than 10 months after the end of the taxation year. For taxation years that begin before 2021, use the 2017 version of Form T1134, T1134(17) and T1134Supp(17). Québec Schedules CO-17 - Corporation Income Tax Return A new question re whether the corporation received or disposed of virtual currency is now included (Box 19b). QC Registration fee is updated for the year 2021. CO-17. CE - Online Commercial Activities of a Corporation (New form!) This is a new Québec government form that applies to any corporation earned income through online commercial activities. This form uses inputs from CRA’s Schedule 88 - Internet Business Activities where applicable. CO-1029.8.33.CS - Tax credit for SMBs that employed persons with a severely limited capacity for employment (New form!) This is a new form for applying for the new tax credit for persons with severe restrictions to employment. Any corporation that wishes to claim this credit can register the required information in the main form and add information regarding eligible employees to the additional form associated with this main form. Note that the additional form must be completed for each eligible employee. Information about these eligible employees will be automatically transferred to the main form and carried to the CO-17. CO-1029.8.36.ES - Tax Credit for the Production of Sound Recordings (New form!) This form is for any eligible corporation that is applying for a tax credit for the production of an eligible audio recording, an eligible digital audiovisual recording or an eligible video. To apply for the tax credit, simply provide the information about the eligible production as well as about labour and production expenses. The credit will be calculated and carried to the CO-17. CO-1029.8.36.II - Tax Credit for Investment and Innovation (New form!) This is a new Québec government form that calculates the tax credit for investment and innovation with regard to specified expenses that the corporation, or a partnership of which the company is a member incurred in the year or in the past year for the acquisition of specified property. The specified expense must be incurred after March 10, 2020 and before January 1, 2025. Tax credit rates vary depending on the economic vitality zones. CO-1029.8.36.IK - Cumulative Limit Allocation Agreement for the Tax Credit for Investment and Innovation (New form!) This is a new Québec government form to allocate the cumulative limit of $100 million among the associated corporations, which is used to calculate the Tax Credit for Investment and Innovation (CO-1029.8.36.II). CO-1029.8.36.IN - Cumulative Limit Allocation Agreement for the Tax Credit Relating to Information Technology Integration A new section 2.2 is added for any corporation incurred eligible expenses for the acquisition of specified properties during the tax year to elect whether each eligible property is deemed for the application of the investment tax credit or the investment and innovation tax credit calculated in CO-1029.8.36.II. CO-1029.8.36.PM - Tax Credit for Corporations Specialized in the Production of Multimedia Titles This form is for corporations that are applying for a tax credit for labour expenses incurred during the execution of production works related to any eligible multimedia titles produced during a tax year. Amendments made to the form are taken from BI-2019-11. Specifically, the rule whereby a wage or a salary or compensation does not include payment based on the profits or income sourced from the operation of a multimedia title, for the application of the definition of the phrase "eligible labour expense", will be removed for the application of the tax credit - general strand of the tax credit - specialist strand. CO-1029.8.36.PS - Tax credit to support print media companies (New form!) This is a new form for applying for the new tax credit supporting the publication of written news. Any corporation that wishes to claim this credit can register the required information in the main form and add information regarding eligible salaries to the additional form associated with this main form. Note that the additional form must be completed for each eligible employee. Information about these eligible salaries will be automatically transferred to the main form and carried to the CO-17. CO-1029.8.36.TJ - Cumulative Limit Allocation Agreement for the Tax Credit Relating to Information Technology Integration (New form!) This form is for corporations claiming the tax credit for integrating information technology. It serves to divide the $312,500 cumulative cap, used to calculate the tax credit, between the corporation or corporations with which it is associated. Additional minor form updates - CO-771 - CO-1159.2 - CO-1029.8.33.13 - CO-1029.8.35 - CO-1029.8.36.DA - CO-1029.8.36.SM - CO-1029.8.36.TI - CO-1029.8.36.TM - RD-1029.7 - RD-1029.8.6 - RD-1029.8.9.03 - RD-1029.8.16.1 |
| T3/TP-646 | Revenu Québec Approval of 2019 TP-646/RL-16 Revenu Québec has approved T3 for 2020 filing of TP-646 trust returns and RL-16 slips. TP-646 forms no longer show "Draft" watermarks. |
| FX/Q | New FormsPD27 - 10% Temporary Wage Subsidy Self-identification Form for Employers This form is applicable only to eligible employers qualifying for the Temporary Wage Subsidy (TWS). The subsidy is up to 10% of the remuneration paid from March 18 to June 19, 2020, with a maximum subsidy of $1,375 for each eligible employee and maximum for each employer of $25,000. Complete Parts A to E for an eligible employer only. T5013S58 - Canadian Journalism Labour Tax Credit This is a new Federal schedule available to qualifying journalism organizations (QJO) to claim a 25% refundable tax credit for qualified labour expenditures beginning January 1, 2019. There is a maximum tax credit of $13,750 per eligible newsroom employee per year (prorated for the number of days in the tax year the partnership is a QJO). ProFile allocates the tax credit from line 140 to each qualifying member of the partnership in box 236 of the T5013SLIP. Federal Forms T5013S8Class - CCA Details The Government proposes to provide a temporary enhanced first-year capital cost allowance (CCA) rate of 100% for eligible zero-emission automotive equipment and vehicles that currently do not benefit from the accelerated rate provided by classes 54 and 55 . These vehicles and equipment would be included in new class 56. T5013S2 - Charitable Donations, Gifts, and Political Contributions Part 6 - Gift of medicine, has been removed from the new form. As a result of this form update, ProFile no longer allocates the eligible amount from the gift of medicine to box 208 of the T5013SLIP. T5013S12 - Resource-Related Deductions New lines are added to Parts 1 to 3. ProFile allocates the amounts from these new lines to the following boxes of T5013SLIP for each partner: - 226 Amount repaid pursuant to a legal obligation (for Canadian exploration expenses) - 227 Amount repaid pursuant to a legal obligation (for Canadian development expenses) - 228 Amount repaid pursuant to a legal obligation (for Canadian oil and gas property expenses) - 229 Amount receivable (for Canadian exploration expenses) - 230 Amount receivable (for Canadian development expenses) - 231 Amount receivable (for Canadian oil and gas property expenses) - 232 Proceeds of disposition (for Canadian development expenses) - 233 Proceeds of disposition (for Canadian oil and gas property expenses) - 234 Accelerated Canadian development expenses – valid for 2018 and subsequent tax years only - 235 Accelerated Canadian oil and gas property expenses – valid for 2018 and subsequent tax years only Québec Forms TP518 - Transfer of Property by a Taxpayer to a Taxable Canadian Corporation TP529 - Transfer of Property by a Partnership to a Taxable Canadian Corporation The forms have an added table in Section 2.2 for (A) Class number and (B) UCC before transfer. The tables in Sections 3.1 and 3.2 are redesigned on the new form: - Section 3.1 no longer contains a section for incorporeal capital property. - Section 3.1 no longer contains columns for “Other than shares” and “Names and class of shares” located under the former column E, “Consideration received” - Section 3.2 contains new columns for “Line of the table in section 3.1 associated with the property”, “Consideration other than shares”, “Total FMV of the consideration received” TP614 - Transfer of Property to a Canadian Partnership The forms have an added table in Section 2.2 for (A) Class number and (B) UCC before transfer. Section 3.1 no longer contains a section for incorporeal capital property and a column for “Description of the consideration received”. A new table is added to section 3.2, “Consideration received”, for this form. Updated Federal Forms - T1OVP - T1223 - T1235 - T1236 - T2058 - T2200 - T3010 - T3012A - T5013Detail - T5013Worksheet - T5013FIN - T5013Slip Updated Québec Slips and Forms - TP600Sum - TP600SA - TP600SB - TP600SD - TP600SE - TP600SF |
| Coming soon! | For T1: RQ data import For T2: AGRI, T2 AgriStability, and AgriInvest |
ProFile release 2020.3.1
| Module | Content |
| Introduction | Download the latest release of ProFile, version 2020.3.1. Highlights include: -various product improvements |
ProFile release 2020.3.5
| Module | Content |
| Introduction | Version 2020.3.5 Download the latest release of the ProFile Suite, version 2020.3.5. T1/TP1 highlights include: -2020 RQ import T2 highlights include: -Updated AgriStability forms -Taxprep carry forward to ProFile (2020 files) supported versions now includes 2020v2.0 and 2020v2.1 Systems highlights include: -New! Introducing eSignature in partnership with DocuSign®. Click here to learn more. -Back-up to Cloud feature now allows for back-up until 2013. Click here to learn more. |
| T1/TP1 | RQ Data Import -Revenu Québec data import is now available for the 2020 T1 module |
| T2 | AGRI - T2 AgriStability and AgriInvest -AgriStability forms are updated to support 2020 tax year filings |
| Coming Soon... | -T1 multi-jurisdictional filing -T1ADJ T1 Adjustment Request |
ProFile release 2020.4.0
| Module | Content |
| Introduction | Version 2020.4.0 Download the latest release of the ProFile Suite, version 2020.4.0. T1/TP1 highlights include: -certified EFILE of T1 multiple jurisdiction returns -TP80Meals: worksheet for deductible meals and entertainment expenses for TP80 (New!) T3/TP646 highlights include: -2021 rate updates FX/Q highlights include: -T1134(21) and T1134Supp(21) - 2021 version of T1134 applicable to tax years beginning after 2020 (New!) -2021 rate updates Systems highlights include: -eSignature enhancements -Back-up to Cloud enhancements -QBDT license dropping after repairing/reinstalling ProFile issue resolved |
| T1/TP1 | TP80Meals - Worksheet for deductible meals and entertainment expenses for TP80 (New!) This is a new worksheet calculating deductible meals and entertainment expenses reported on Line 218 for TP80 - Business or Professional Income and Expenses. Multiple Jurisdictional Tax Returns The multiple jurisdictional tax returns are now certified for EFILE for the 2020 tax year: -T2203 -all provincial multiple jurisdiction forms |
| T3/TP646 | 2021 rate updates The rates applicable to the 2021 taxation year are those known as of the release date. Any changes resulting from subsequent federal, provincial and territorial announcements will be integrated into future updates. |
| FX/Q | T1134(21) and T1134Supp(21) - Information Return Relating to Controlled and Non-Controlled Foreign Affiliates (New!) Due to legislative changes CRA has introduced a new 2021 version of the T1134 form applicable for taxation years beginning in 2021 or later. To reduce the duplication of information, reporting entities that are members of a related group that share the same taxation year end may now file one T1134 return (summary and supplements) on behalf of the group. On the T1134 Summary Form T1134(21) a new question is added: “Is this T1134 Summary filed for one reporting entity or a group of reporting entities that are related to each other?”: -If the chosen filing method is “one reporting entity”, then proceed to Section 3, Table B -If the chosen filing method is “a group of reporting entities that are related to each other” then complete Section 3, Table A As an additional measure to reduce entering duplicate information, the T1134 Supplement form T1134Supp(21) includes drop-down menus to select names and account numbers. This eliminates the need to enter the same information previously entered on the T1134 Summary form. As an additional measure to reduce entering duplicate information, the T1134 'Supplement form T1134Supp(21) includes drop-down menus to select names and account numbers. This eliminates the need to enter the same information previously entered on the T1134 Summary form. The filing due date is no later than 10 months after the end of the taxation year. For taxation years that begin before 2021, use the 2017 version of Form T1134, T1134(17) and T1134Supp(17). 2021 Rate Updates The rates applicable to the 2021 taxation year are those known as of the release date. Any changes resulting from subsequent federal, provincial and territorial announcements will be integrated into future updates. Minor Form Updates -GST189 -T5013S12 -TP518 -TP529 -TP614 |
| Systems | ProFile eSignature enhancements The eSignature enhancements allows users to edit recipient email addresses when requesting eSignatures in the T1 and TP1 modules. Note that users must have a valid Tax Year 2020 license to be able to access the eSignature feature. Back-up to Cloud enhancements The back-up to cloud enhancements allows T3 files to be backed up until 2015. Note that users must have a valid Tax Year 2020 license to be able to access prior year back-ups. |
| Coming Soon... | T1 and TP1 planner for 2021 |
ProFile release 2020.4.1
| Module | Content |
| Introduction | Download the latest release of ProFile, version 2020.4.1. T2/C017 highlights include: -CO17 form printing issues fix |
ProFile release 2020.4.7
| Module | Content |
| Introduction | Download the latest release of ProFile, version 2020.4.7. T1/TP1 highlights include: -T1 planner update -TP1 planner update FX/Q highlights include: -T3010 (21) Version A is now available -RC232 is removed Systems highlights include: -crash reporting tool is now available |
| T1/TP1 | Plan/TP1Plan -Federal and Quebec planners are updated to reflect the new credits and updated income tax brackets for 2021 -2021 rates are being enacted in the planner’s calculation 2021 rates update -the T1 General is calculated with the most recent 2021 rates when tax year of 2021 is chosen on the INFO page -the 2021 rates are used for planning purposes and ProFile users should not file the return with 2021 rates -the rates applicable to the 2021 taxation year are those known as of April 28. Any changes resulting from subsequent federal, provincial, and territorial announcements will be integrated into future updates. |
| FX/Q | Form RC232 removed Starting on May 15, 2021, CRA will no longer accept Form RC232, Corporations Information Act Annual Return for Ontario Not-for-Profit Corporations. The form is now removed from ProFile. Visit ontario.ca/businessregistry for more information on filing an Ontario annual information return. T3010 (21) Version A Instructions in Section B are now updated regarding how to file an Ontario annual information return. |
| Systems | Crash reporting tool is now available ProFile users can now submit reports to assist our product teams in analyzing the causes of product crashes. |
| Coming Soon! | New 2021 T2 module supporting tax periods up to October 31, 2021. |
ProFile release 2020.5.0
| Module | Content |
| Introduction | Download the latest release of ProFile, version 2020.5.0. T2 highlights include: -2019-2021 T2 module is now available when fiscal year ends on or before October 31, 2021 -T2 paper and Internet filing is certified for Federal corporate tax returns -AT1 paper and Internet filing is certified for Alberta corporate tax returns -Schedules S570, AS29, and AS29List are now available -Schedules S546, S547, and S548 are removed -T2 now carries forward information from 2021 files created with TaxPrep T2 (2020 v2.0, 2020v2.1), Cantax T2 (version 20.2.307.135), and DTMax (version 24.15) Systems highlights include: -updated License Management experience. Click to learn about adding or removing a ProFile license. |
| T2 | T2 and AT1 certifications The 2019-2021 T2 module is certified for Federal and Alberta corporate tax returns and allows for the preparation of returns for corporations with fiscal years ending on or before October 31, 2021. Federal T2 - Corporation Income Tax Return This form is updated for the years supported in the 2019-2021 T2 module, therefore the below lines are removed: -for corporations that are exempt from tax under section 149, the exemption under p. 149(1)(t) was repealed from the Income Tax Act, therefore lines 085 and 370 are removed -the reduced business limit calculated on lines 425 and 427 is removed -the section for the refundable dividend tax on hand for tax years starting before 2019 is removed on lines 460, 465, 480, and 485 -the section of the dividend refund for tax years starting before 2019 is removed S3 - Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculation There is a new column L1 in Part 1 for the total eligible and additional non-eligible dividend refund of the connected corporation. The new column L, Part IV tax before deductions on table dividends received from connected corporations is calculated based on the amounts entered in L1. The result will carry to the Amount 2E, Part IV tax before deductions on table dividends received from connected corporations. S4 - Corporation Loss Continuity and Application There is a new deduction line under Section 1 that is intended for stock options. This is for any stock sales or emission after 2019. S5 - Tax Calculation Supplementary – Corporations Sections related to periods prior January 1, 2019 are removed in the 2019-2021 T2 module. S17 - Credit Union Deductions Sections related to periods prior January 1, 2019 are removed in the 2019-2021 T2 module. S322 (S5PE) - Prince Edward Island Corporation Tax Calculation Sections related to periods prior January 1, 2019 are removed in the 2019-2021 T2 module. S388 - Manitoba Film and Video Production Tax Credit The additional 8% Manitoba production company bonus is now available for eligible film corporations. S404 - Saskatchewan Manufacturing and Processing Profits Tax Reduction Sections related to periods prior January 1, 2019 are removed in the 2019-2021 T2 module. S411 (S5SK) - Saskatchewan Corporation Tax Calculation The lower rate of 0% is applicable for days in the tax year after September 30, 2020 and before July 1, 2022. For days in the tax year after June 30, 2021 and before July 1, 2023, the lower rate of 1% is now included in the Saskatchewan tax calculation. S430 - British Columbia Shipbuilding and Ship Repair Industry Tax Credit The BC Shipbuilding and Ship Repair Industry Tax Credit (S430) can no longer be claimed together with the BC Training Tax Credit (S428), therefore Part 1, line 120 and Part 3, line 420 have been removed. S444 - Yukon Business Carbon Price Rebate The Yukon business rebate factor applicable to tax year ends after March 31, 2021 is now available in the schedule. S461 (S5NT) - Northwest Territories Corporation Tax Calculation This form is updated to reflect the decrease in the lower rate from 4% to 2% effective January 1st, 2021 (NWT Bill 16). S500 - Ontario Corporation Tax Calculation This form is updated for the Ontario credit union tax reduction to be prorated for the tax rates applicable to the period before January 1, 2020 (8%) and after December 31, 2019 (8.3%) under Part 4. S546 / S547 / S548 - Corporations Information Act Annual Return for Ontario Corporations / Foreign Business Corporations (removed) As of May 15, 2021, the Ontario Corporations Information Act annual returns, forms T2SCH546/547 and T2SCH548, are no longer filed with the Canada Revenue Agency. For updated information on filing an Ontario corporation annual return, go to ontario.ca/businessregistry or contact ServiceOntario at: Telephone: 416-314-8880 or 1-800-361-3223 TTY: 416-325-3408 or 1800-268-7095 S570 - Ontario Regional Opportunities Investment Tax Credit (new form!) This new form is for qualifying corporations who claim a 10% refundable tax credit for eligible expenditures of more than $50,000 and up to $500,000 that are incurred in a designated region of Ontario and become available for use on or after March 25, 2020. Alberta AT1 - Alberta Corporate Income Tax Return This form is updated to include Alberta Innovation Employment Grant on line 129. AExempt (AT100) - Preparing and Filing the Alberta Corporate Income Tax Return - Exemption Criteria This form is updated to remove the Alberta Royalty Tax Credit from the exemption criteria. The exemption criteria is expanded to consider whether the corporation is claiming the following credits: -Alberta Qualifying Environmental Trust (QET) Tax Credit -Alberta Investor Tax Credit (AITC) or the Capital Investment Tax Credit (CITC) or the Interactive Digital Media Tax Credit (IDMTC) -Alberta Innovation Employment Grant (IEG) AS29 - Alberta Innovation Employment Grant (new form!) This new form is available for qualified corporations to claim an 8% refundable tax credit for eligible scientific research and experimental development (SR&ED) expenditures carried out in Alberta in the tax year after December 31, 2020, up to the corporation’s maximum expenditure limit for the year. The corporation is also eligible to claim additional 12% of any such amount in excess of a base amount. AS29List (AT4970) - Listing of Innovation Employment Grant Projects Claimed in Alberta (new form!) This new form lists each project’s portion of federal qualified SR&ED expenditures (as entered on line 559 of federal Form T661) that were in respect of SR&ED carried out in Alberta by the corporation during the taxation year. This form should be completed before AS29 is completed. Quebec CO-400 - Resource Deduction This form has been updated to take into account a short year that is less than 51 weeks. RD-1029.8.9.03 - Tax Credit for Fees and Dues Paid to a Research Consortium There is a new line 186a (portion of the amount of reducible expenditures related to R&D work conducted before March 11, 2020) that limits the amount of reducible expenditures under Section 6. Additional minor form updates -AS4 -BusinessConsent -S2 -S8 -S16 -S20 -S88 -S141 -S307 (S5NL) -S366 (S5NB) -S346 (S5NS) -S383 (S5MB) -S350 -S380 -S381 -S394 -S402 -S423 -S427 (S5BC) -S428 -S442 -S443 (S5YT) -S481 (S5NU) -S502 -S558 Removed forms -AS9Supp -S392 -S393 -S546 -S547 -S548 |
| Systems | Updated License Management experience Click to learn about adding or removing a ProFile license. |
ProFile release 2020.5.5
| Module | Content |
| Introduction | Download the latest release of ProFile, version 2020.5.5. Systems highlights include: • automatic installation of .NET 4.8 • improvements to the ProFile login window |
| Systems | Automatic installation of .NET 4.8 Starting in this release, users are unable to work in ProFile without first upgrading to .NET 4.8. To assist with this mandatory upgrade, the .NET version on your computer will automatically update to .NET 4.8. However, it is necessary to restart your computer after the update to make the upgrade active. Save any work before you restart to prevent data loss. Improvements to the ProFile login window The ProFile online experience has been improved by making some changes to the login window. These changes ensure better performance (for example, faster loading times), enhanced security, and a more-intuitive login experience. |